Insolvency Statistics for Quarter 1 January 2020 to 31 March 2020

Except for company insolvencies there have been decreases in the rest of the company insolvencies;

The figures seem to be for the period before Covid19 has effected the economy;

the construction industry had the highest number of new company insolvencies with 3,077;

wholesale and retail trade, repair of vehicles industrial grouping had the second highest number in the 12 months ending Q1 2020 with 2,360, while the accommodation and food services grouping had 2,317 insolvencies.

Personal Insolvencies

16,714 individual voluntary arrangements (IVAs)

6,875 debt relief orders (DROs)

4,261 bankruptcies

Total individual insolvencies in Q1 2020 decreased by 4 per cent from Q4 2019 and decreased by 11 per cent from the same quarter in the previous year.

Conclusion

If you need help or advice in either considering entering into insolvency or bringing insolvency action against a debtor, our expert team can help. Whether a one-off case or a substantial debt portfolio, we offer a one-stop-shop for businesses suffering from late payments, including pre-legal collections right through to post insolvency action.